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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PAINEWEBBER CASHFUND, INC
<SERIES>
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<NAME>
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</TABLE>
Report of Independent
Auditors
To the Shareholders and Board of Directors
of
PaineWebber Cashfund, Inc.
In planning and performing our audit of
the financial statements
of PaineWebber Cashfund, Inc. for the year
ended March 31, 2000,
we considered its internal control,
including control activities
for safeguarding securities, to determine
our auditing procedures
for the purpose of expressing our opinion
on the financial
statements and to comply with the
requirements of Form N-SAR, and
not to provide assurance on internal
control.
The management of PaineWebber Cashfund,
Inc. is responsible for
establishing and maintaining internal
control. In fulfilling
this responsibility, estimates and
judgments by management are
required to assess the expected benefits
and related costs of
internal control. Generally, internal
controls that are relevant
to an audit pertain to the entity's
objective of preparing
financial statements for external purposes
that are fairly
presented in conformity with accounting
principles generally
accepted in the United States. Those
internal controls include
the safeguarding of assets against
unauthorized acquisition, use,
or disposition.
Because of inherent limitations in any
internal control,
misstatements due to errors or fraud may
occur and not be
detected. Also, projections of any
evaluation of internal
control to future periods are subject to
the risk that internal
control may become inadequate because of
changes in conditions,
or that the degree of compliance with the
policies or procedures
may deteriorate.
Our consideration of internal control
would not necessarily
disclose all matters in internal control
that might be material
weaknesses under standards established by
the American Institute
of Certified Public Accountants. A
material weakness is a
condition in which the design or operation
of one or more of the
specific internal control components does
not reduce to a
relatively low level the risk that errors
or fraud in amounts
that would be material in relation to the
financial statements
being audited may occur and not be
detected within a timely
period by employees in the normal course
of performing their
assigned functions. However, we noted no
matters involving
internal control, including control
activities for safeguarding
securities, and its operation that we
consider to be material
weaknesses as defined above as of March
31, 2000.
This report is intended solely for the
information and use of the
shareholders, board of directors and
management of PaineWebber
Cashfund, Inc. and the Securities and
Exchange Commission and is
not intended to be and should not be used
by anyone other than
these specified parties.
ERNST &
YOUNG LLP
May 15, 2000
